Prime Financial signals ‘acceleration mode’ with $100m revenue target

Prime-Financial/SMSF/mergers-and-acquisitions/

| By Rhea Nath |

The firm has announced revenue growth of almost 30 per cent to $33.7 million in its annual results and will be seeking to reach $100 million by 2030, doubling its previous target.

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Prime Financial

SMSF

mergers and acquisitions

AUTHOR

Rhea Nath

Rhea L Nath is a journalist at Money Management. She has previously worked as a business reporter with Dynamic Business and journalist in the multicultural media with Indian Link Media Group. In 2022, she was named Young Journalist of the Year at the NSW Premier’s Multicultural Communications Awards.

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Former Sydney adviser has assets frozen amid ASIC investigation

ASIC/Sydney/financial-advisers/

| By Laura Dew |

Financial planning

ASIC has commenced “urgent proceedings” in the Federal Court of a former Sydney financial adviser amid an investigation regarding fees charged to client super funds.

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ASIC

Sydney

financial advisers

AUTHOR

Laura Dew

Laura Dew is editor at Money Management. Prior to joining MM, she spent five years working at Investment Week in the UK, covering asset and wealth management.

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HUB24 targets $100bn platform FUA

HUB24/platforms/financial-results/

| By Laura Dew |

Financial planning

HUB24 is targeting platform funds under administration of up to $100 billion by FY25 as it looks to build the ‘platform of tomorrow’.

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HUB24

platforms

financial results

AUTHOR

Laura Dew

Laura Dew is editor at Money Management. Prior to joining MM, she spent five years working at Investment Week in the UK, covering asset and wealth management.

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Paraplanners fear sidelining by video SOA

paraplanning/statement-of-advice/quality-of-advice-review/QAR/

| By Jasmine Siljic |

Financial planning

Amidst concerns that video SOAs or a shorter advice document could replace paraplanners, this industry professional sees it as an opportunity for them to upskill.

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paraplanning

statement of advice

quality of advice review

QAR

AUTHOR

Jasmine Siljic

Jasmine Siljic is a journalist at Money Management. Prior to joining MM, she also worked across other Momentum Media brands as an intern and cadet journalist. She recently completed a Bachelor of Media and Communications at Macquarie University.

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How Magellan plans to regain advisers’ favour

Magellan/Andrew-Formica/David-George/financial-advisers/

| By Laura Dew |

Funds management

Magellan chief executive, David George, has sent a message to advisers that they are a key client base for the firm while discussing how M&A could help to reach its $100 billion FUM target.

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AUTHOR

Laura Dew

Laura Dew is editor at Money Management. Prior to joining MM, she spent five years working at Investment Week in the UK, covering asset and wealth management.

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Iress sells off managed funds business

iress/SS&C-Technologies/managed-funds/

| By Rhea Nath |

Financial planning

The firm has entered an agreement with SS&C to divest its managed funds administration business for $52 million with the deal expected to close in Q3 FY23 as it details its half-year results.

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iress

SS&C Technologies

managed funds

AUTHOR

Rhea Nath

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Financial advisers gain recognition as a profession from ABS

ABS/financial-advice/financial-advisers/

| By Jasmine Siljic |

Financial planning

The statistical agency has officially recognised the financial advice profession by using the occupational terms 'financial adviser/financial planner' as a result of the FAAA advocacy.

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ABS

financial advice

financial advisers

AUTHOR

Jasmine Siljic

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Profits halve at Magellan, new chair appointed

Magellan/Andrew-Formica/David-George/Hamish-Douglass/

| By Laura Dew |

Funds management

Net profit after tax at Magellan has declined by 52 per cent as it releases its FY22-23 results, its first in a five-year transformation strategy, and makes several people moves.

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AUTHOR

Laura Dew

Laura Dew is editor at Money Management. Prior to joining MM, she spent five years working at Investment Week in the UK, covering asset and wealth management.

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Micro-AFSLs v large licensees: who leads the way?

Wealth-Data/Colin-Williams/adviser-numbers/

| By Jasmine Siljic |

Financial planning

There are 300 more micro-AFSLs this year than in 2019, but the majority of advisers still work at large licensees with more than 100 advisers.

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Wealth Data

Colin Williams

adviser numbers

AUTHOR

Jasmine Siljic

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Why firms need to scratch the surface of their AI investments

ESG/artificial-intelligence/Alphinity-Investment-Management/BetaShares/fidelity/

| By Rhea Nath |

Funds management

The optimism behind this disruptive technology has driven markets to record highs, but experts warn there are ESG risks and considerations that can be overlooked.

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ESG

artificial intelligence

Alphinity Investment Management

BetaShares

fidelity

AUTHOR

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Former Sydney adviser has assets frozen amid ASIC investigation

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HUB24 targets $100bn platform FUA

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Paraplanners fear sidelining by video SOA

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How Magellan plans to regain advisers’ favour

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Iress sells off managed funds business

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Rhea 's social profiles:

Financial advisers gain recognition as a profession from ABS

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Jasmine 's social profiles:

Profits halve at Magellan, new chair appointed

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Laura 's social profiles:

Micro-AFSLs v large licensees: who leads the way?

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